It is one of the key valuation and advisory firms in the music industry’s blockbuster M&A market. Now, Citrin Cooperman (CC) has an interesting new owner…and a hefty price tag.
one Blackstone dominates An investor group has acquired a majority stake in New York-based CC, buying out the stakes of previous investors in the company, Johor Bahru Capital City.
financial times According to reports, the deal provides Celine Cooperman – Claims to be one of the largest professional services firms in the United States – Enterprise value exceeds $2 billion.
New Mountain Capital is a familiar name MBW Readers, of course. The tech-savvy private equity firm acquired a majority stake in BMI last year in a deal worth more than $1 billion.
Johor Bahru initially acquired a controlling stake in Celine Cooperman By 2021, the latter’s enterprise value will be US$500 million.
Celine Coopermanfounded in 1979, provides Tax, consulting and accounting services For all types of businesses and high net worth individuals.
In the music industry, citrine Known as the home of expert music copyright appraisers Barry Masarsky and his team.
Celine Cooperman Acquired Masarsky’s company, Masarsky Consultants2022 (the second year after New Mountain acquires a majority stake in CC). Masalski Later became a partner of Citrin Cooperman.
Masarsky Consultantswhose estimated transaction value exceeds $6 billion 2021 saw M&A deals with companies including Downtown, Reservoir, BMG, SONGS, Sony Music Publishing, Universal Music Publishing and Warner Chappell Music.
Masalski (then Citrine) Also the long-term preferred independent appraiser Hipgnosis Song Fundafter the company listed on the London Stock Exchange in 2018.
Those of you with sharp eyes may have discovered something Tangled in this web.
Subsidiary funds black stone (now owns Citrine Cooperman) obtained Hipgnosis Song Fund The value of a going-private deal last summer $1.584 billion.
(We will see, but this conflict may naturally lead Citrin to shy away from certain valuation responsibilities) Music assets controlled by Blackstone future.
Blackstone Interest in music career goes beyond Celine Cooperman and Hipnos.
black stone obtained SESAC In 2017, Rizvi Traverse Management acquired Rizvi Traverse Management in a deal that valued the latter at more than US$1 billion.
today, SESAC Music Group Controlled by funds managed by Blackstone’s core private equity arm; HipnosIn contrast, funds managed by Blackstone control tactical action unit.
The two units operate independently of each other internally Blackstone Global network.
Comment on new Blackstone/CC get, Alan BuddyCEO Celine Cooperman” said: “We are pleased to have reached an agreement with Blackstone to invest in Citrin Cooperman as we enter our next chapter of growth.
additional ocean: “As we continue our commitment to building a best-in-class company culture and delivering an exceptional customer experience, Blackstone will help us make additional investments in expanding our service offerings and technology.
“We are grateful to New Mountain for their partnership over the years that has helped build and support our business.”
Eli Naglersenior managing director at Blackstone, and Kelly WannopBlackstone Managing Director added: “Citrin Cooperman’s partners and employees have done a fantastic job establishing the firm as a leader through an unwavering commitment to excellence and client service.
“We are delighted to invest in the business and help it continue to deliver the highest quality products.”
Andre Mora and Nikhil DevrapalliManaging Director of New Mountain said: “We are proud of our successful partnership with Citrin Cooperman and we thank Citrin Cooperman’s management team, partners and employees for what we have achieved together over the past three years.
“We look forward to seeing Citrin Cooperman continue to thrive to the benefit of all customers and stakeholders.”
Deutsche Bank Securities Inc. served as financial advisor to Blackstone in its acquisition of CC, and Kirkland & Ellis LLP and Gibson, Dunn & Crutcher LLP served as legal advisor.
Guggenheim Securities, LLC is serving as financial advisor to New Mountain and Citrin Cooperman, and Koltin Consulting Group is serving as additional financial advisor to both parties.
Simpson Thacher & Bartlett LLP, Zukerman Gore Brandeis & Crossman, LLP and Hunton Andrews Kurth LLP are serving as legal counsel to New Mountain and Citrin Cooperman.global music business
